IOU Financial Inc., a leading online lender to small businesses companieshas released its April 2023 State of Small Business Survey, which reveals that despite a slow start to the year, small business owners maintain a positive outlook for the rest of 2023. The survey captures the opinions of 198 small business owners, with a 7% margin of error and a 95% confidence level.
According to the survey, 75% of small business owners rated their current business condition as “positive” or “very positive,” down slightly from the 85% reported in December 2022. Concerns about inflation, recession, staffing, consumer demand, and public health have increased since January 2023, with bank closures now affecting 62% of respondents.
Despite these challenges, the majority of small business owners believe the worst is behind them and see opportunities for growth in the rest of the year. A total of 69% of respondents reported that they “definitely” plan to invest in their companies in the second half of 2023, while 24% said they “maybe” will.
Commenting on the survey results, Carl Brabander, EVP Strategy of IOU Financial, stated, “These survey results highlight the strong entrepreneurial nature of small business owners and help explain how they consistently create the majority of all new opportunities in the United States.” He added, “IOU is proud to fund the future of small businesses and be part of their success story.”
For small business owners, this optimism in the face of challenges can serve as a source of motivation and hope for the future. As many small businesses continue to navigate economic uncertainty, the study’s findings underscore the resilience and adaptability that are hallmarks of successful entrepreneurship.
IOU Financial offers term loans of up to $1.5 million over 36 months, as well as the IOU Cash-Back Term Loan, which offers a 3% discount to customers with a perfect repayment history. By offering accessible growth capital to small businesses through a network of preferred brokers across the United States and Canada, IOU Financial aims to be a trusted alternative to traditional banks.
Since its founding in 2009, IOU Financial has provided over $1 billion in loans to finance small business growth. Named one of the 50 Best Places to Work in Fintech for 2022 by American Banker, the company operates on its proprietary IOU360 technology platform that connects underwriters, merchants and brokers in real time. IOU Financial trades on the TSX Venture Exchange under the symbol IOU (TSXV: IOU) and on the US OTC markets as IOUFF.
The full State of Small Business Survey report is available in PDF form here.
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Image: Depositphotos
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